There have been series of debates and opinions on the issue of minimum wage in the country (USA). Research has shown that cost of living in the overwhelming majority of the States significantly exceeds income earned based on the minimum wage.

Research the effects of minimum wage in relation to the cost of living in major cities of the country, and to discuss the effects of the minimum wage on the nation’s economy. Also, discuss what problems that can arise from low minimum wage. Compare Federal minimum wage vs some States’ minimum wage with the objective of looking into implications of setting/raising minimum wage on the nation’s economy. The effects of disparity and viable solutions to eliminate or reduce these effects will be suggested.

Functional knowledge topics related to this issue will include various statistical tools that will be utilized to analyze the magnitude of the problems brought about by minimum wage that is not commensurable with the cost of living. Descriptive and correlative statistics will be utilized for the analysis of data generated from different states to draw conclusion and offer possible suggestions. Trend analysis will be used to look at the movement of minimum wage. This will enhance strategic thinking on how the problems can be tackled. Managerial Abilities anticipated to be further developed on this paper: (Discuss each of the following in relation to the paper).

1. Quantitative Analysis
2. Systems Thinking.

Introduction

Effects of minimum wage on employment

Effects on cost of living

Effects on the Economy

Federal minimum wage vs State minimum wage (San Francisco, New York & Alabama)

Managerial Abilities

Conclusion

Answer rating: 100% (QA)

Introduction The minimum wage is the lowest hourly pay amount that can be paid to workers and it is also called pay floor The Fair Labor Standards Act also denoted as FLSA determines the minimum wages ... View the full answer